Cineworld Drawing Up Plans to Close U.K., U.S. Sites: Reports

(Bloomberg) --

Cineworld is drawing up plans to indefinitely close all of its sites in the U.K. and U.S., reports on Sunday said, citing people familiar with the discussions.

• In the U.S., Regal Cinemas, a subsidiary of Cineworld, could close 500 locations if the decision goes ahead, Dow Jones reported, citing a person familiar with the plans
• In the U.K., the move would put as many as 5,000 jobs at risk, closing 128 stores, T
• the Sunday Times reported, citing people familiar with the plans
• Company is writing to U.K. Prime Minister Boris Johnson and Culture Secretary Oliver Dowden this weekend to say the industry has become “unviable” due to film studios postponing big-budget releases
• Company expected to announce a decision as soon as Monday
• Majority of staff will be asked to accept redundancy, with possible incentives to rejoin the company when theaters reopen
• Cineworld declined to comment to the Sunday Times
• NOTE: Oct. 2, New James Bond Film ‘No Time to Die’ Is Delayed Until 2021 (3)

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